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Saudi Aramco sign an $11 billion petrochemical complex contract

Saudi Aramco and TotalEnergies have signed an $11 billion contract for a new petrochemical complex in Saudi Arabia.

The facility, integrated with a refinery in Jubail, will house one of the largest steam crackers in the Gulf, producing 1,650 kilotons of ethylene and other hydrocarbon gases. Construction contracts have been awarded to global companies like Hyundai Engineering & Construction and Sinopec Engineering.

This investment reflects Saudi Aramco’s commitment to petrochemical production as a long-term demand strategy amidst the energy transition. Iraq is also looking to expand its petrochemical industry, with the resurfacing of the $8.5 billion Nibras project in partnership with Shell.

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